10 Reasons why the world should welcome Budget 2023, Jaishankar explains

Budget 2023 is politically crucial as it is the last full-fledged budget of Narendra Modi government ahead of Lok Sabha elections due in 2024.

New Delhi, Feb 01: External Affairs Minister S Jaishankar on Wednesday listed out ten major points to explain why the Union Budget 2023 should be welcomed.

"Finance Minister Nirmala Sitharaman presented the Budget of the 5th largest economy of the world today. 10 reasons why the world should welcome it," Jaishankar tweeted. Let us take a look.

𝐈𝐧𝐝𝐢𝐚 𝐚𝐬 𝐚 𝐬𝐭𝐫𝐨𝐧𝐠𝐞𝐫 𝐞𝐧𝐠𝐢𝐧𝐞 𝐨𝐟 𝐠𝐥𝐨𝐛𝐚𝐥 𝐠𝐫𝐨𝐰𝐭𝐡: Capital investment outlay increased by 33% to Rs 10 trillion (Now 3.3% of GDP).

𝐄𝐧𝐡𝐚𝐧𝐜𝐢𝐧𝐠 𝐄𝐚𝐬𝐞 𝐨𝐟 𝐃𝐨𝐢𝐧𝐠 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬: Includes KYC process simplification, Greater GIFT IFSC activities and establishing an EXIM Bank subsidiary for trade re-financing, PAN as Common Business Identifier, Central Data Processing Centre.

Indirect Tax support for manufacturing, stronger Ease of Compliance and Income Tax benefit for Startups.

𝐁𝐞𝐭𝐭𝐞𝐫 𝐋𝐨𝐠𝐢𝐬𝐭𝐢𝐜𝐬 𝐚𝐧𝐝 𝐈𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞: Highest ever railways outlay at Rs 240 billion, 100 critical transport infrastructure projects, 50 additional air connectivity projects and establishing Urban Infrastructure Development Fund.

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐟𝐨𝐫 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭: Promoting greater digital payments, National Data Governance Policy, establishing Data Embassies, creating Entity DigiLocker, Centers of Excellence for AI and National Digital Library for children and adolescents.

𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧𝐢𝐧𝐠 𝐆𝐥𝐨𝐛𝐚𝐥 𝐅𝐨𝐨𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲: Making India Global Hub for Shree Anna (Millets), establishing massive decentralized storage capacity, promoting contribution of Cooperatives, increasing agriculture and fisheries credit establishing Agriculture Accelerator Fund and building digital public infrastructure for agriculture.

𝐄𝐧𝐬𝐮𝐫𝐢𝐧𝐠 𝐆𝐥𝐨𝐛𝐚𝐥 𝐇𝐞𝐚𝐥𝐭𝐡 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲: Promoting Pharma R&D, ensuring HR for medical innovation & manufacturing, creating more medical research facilities and establishing 157 new nursing colleges.

𝐈𝐧𝐝𝐢𝐚𝐧 𝐩𝐚𝐫𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐰𝐨𝐫𝐤𝐩𝐥𝐚𝐜𝐞: Expand opportunities through initiatives on skills and apprenticeship backed by National Apprenticeship Policy, stipend support to 4.7 million youth, creating 30 Skill India International Centres.

𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐆𝐫𝐞𝐞𝐧 𝐆𝐫𝐨𝐰𝐭𝐡 𝐚𝐧𝐝 𝐌𝐨𝐛𝐢𝐥𝐢𝐭𝐲: Investing in Energy Transition and Net Zero objectives, undertaking Green Hydrogen Mission,VGF support for Battery ESS and encouraging Lifestyle for Environment (LiFE).

Also, duty benefits for green mobility and renewable energy evacuation from Ladakh.

𝐒𝐭𝐫𝐨𝐧𝐠𝐞𝐫 𝐆𝐞𝐧𝐝𝐞𝐫 𝐄𝐦𝐩𝐨𝐰𝐞𝐫𝐦𝐞𝐧𝐭: Modi Government's pro-women policy commits to taking 8.1 million Self-Help Groups of rural women to become enterprises and collectives.

𝐌𝐚𝐤𝐢𝐧𝐠 𝐈𝐧𝐝𝐢𝐚 𝐓𝐨𝐮𝐫𝐢𝐬𝐦-𝐫𝐞𝐚𝐝𝐲: Focus on 50 destinations to be developed as complete package with digital support. India's aspirations and targets are on a scale that will impact the world. Expect these developments to feature prominently in global conversations, including at G20.